Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
The demand for labour in an economy is a depiction of
Acompetitive demand
BComposite demand
CComplementary demand
DDeductive demand
Ederived demand
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Question 1353
neco2002
One of the function of united nation conference on trade and development (UNTAD) is to
Acarry out feasibility study for projects in less developed countries
Bincrease impact of developed countries over less developed countries
Cincrease share of less developed countries in world trade
Dmake goods available in developed countries
Etransfer technology from developed to less developed countries
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Question 1354
neco2002
Disposable income in national income accounting is an income which
Acannot be used again
Bis available for consumption and saving
Cis a available to disabled people
Dmust be wasted once and for all
Epensioners receive from the treasury board
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Question 1355
neco2002
The following are reward for factors of production EXCEPT
Ainterests
Bprofit
CRent and commissions
Drates and deposits
Ewage and salaries
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Question 1356
neco2002
Which of these is a necessary condition for trade by barter?
Adouble coincidence of wants
Bdouble exchange rate
Cdurability of goods
Ddivisibility of commodities
Ehomogeneity of goods
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Question 1357
neco2002
In a two-sector economy, income is a function of
Aconsumption + investment
Bconsumption + investment + tax
Cconsumption + investment + expenditure
Dconsumption + exports + imports
Esaving + investment
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Question 1358
neco2002
An economic system in which the decision on what and how to produce is determined by the individual is called
Acapitalism
Bcommunism
CSocialism
Dtraditionalism
Ewelfarism
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Question 1359
neco2002
If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are
Acomplimentary goods
Bcomposite goods
Cderived good
Dindependent goods
Esubstitute good
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Question 1360
neco2002
Which of the folowing NOT among the objectives of OPEC?
Ato stabilize the revenue from oil to producing countries
Bto stabilize the price of iol in the world market
Cto make sure that oil flows to all the consuming countries
Dto estabilished petroleum refineries in all member state
Eto co-ordinate and harmonize the oil policies of member countries
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Question 1361
neco2002
The following are type of business organization EXCEPT
Aco-operative society
BEntrepreneurship
Cpartnership
Dpublic corporation
ESole proprietorship
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Question 1362
neco2002
Tc/Q =
Amarginal cost
BAverage coat
Ctotal cost
Dequilibrium level
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Question 1363
neco2002
Which of the following measure will NOT serves as a control during inflation period?
Aincrease in personal income tax
Bincrease in bank rate and interest
Cincrease in government capital expenditure
Dreduction in money supply
Ereduction in government recurrent expenditure
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Question 1364
neco2002
Government expenditure on universal basic education and subsidy on agriculture are aimed at
Aencouraging growth of the economy
Bprojecting images of government
Cre-allocation of resources
Dredistribution of income and wealth
Estabilization of the economy
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Question 1365
neco2002
A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as
Aduopoly
Bmonopolist
Cmonopsonist
Doligopoly
Eperfect competitor
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Question 1366
neco2002
The formular used by the Expenditure approach to calculate National income is
AY=C + I + X - M –G
BY= C + X – M – I + G
CY = C + I + G + X – M
DY = C – I + X – M + G
EY = C + G – X + M – I
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Question 1367
neco2002
To discourage the consumption of harmful commodities, government should tax such commodities if they have
Aelastic demand
Binelastic demand
Cnegative demand
Dpositive demand
Eunitary demand
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Question 1368
neco2002
Long-run in economic mean a period of time in which
Aall factor inputs are not being used
Ball factor inputs are variable
Call factor inputs are fixed
Donly few factor inputs are variable
Efirms are not producing at all
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Question 1369
neco2002
When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as
Ademand curve
Bindifference curve
Copportunity curve
Dutility curve
Esupply curve
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Question 1370
neco2002
If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?
